2026-02-252025/26:FiU29 · p.2FiUEconomy & finance
An evaluation of the consequences of the new threshold for prospectus obligations
Raised threshold for the prospectus requirement when listing securities
What's at stake: A higher threshold makes it easier and cheaper for smaller companies to list securities, but several authorities, including the financial supervisory authority and the economic-crime authority, warn that it could at the same time weaken protection for consumers and investors and increase the risk of fraud. The decision determines whether these risks are systematically followed up, or whether the reform is implemented without such follow-up.
Case texts and AI reasoning are AI-translated from the Swedish originals; the Swedish text is authoritative.
What the vote decides
The question is whether the government's increase of the prospectus-requirement threshold to EUR 12 million should be implemented without further follow-up, or whether the government should first evaluate the effects on consumer and investor protection and crime prevention that several supervisory authorities have warned about.
Yes Yes — the committee proposal
The committee finds that the government's legislative proposal facilitates the listing of securities and reduces the administrative burden for small and medium-sized enterprises. The committee shares the assessment that a lower threshold could hamper the competitiveness of the Swedish capital market, and that a threshold of EUR 12 million can help create a single market in the EU and boost competitiveness for smaller companies. The committee endorses the bill and rejects the motion.
No No — the reservations
Reservation 1 (S, V, MP)
The reservation (S, V, MP) points out that the proposal to raise the prospectus-requirement threshold has been criticised by major consultation bodies warning of risks to consumer protection, investor protection, investment willingness and crime prevention. The reservation therefore demands that the government return with an evaluation of the effects of the new system and present it to parliament.
Summarised from the committee report. Party labels in the summary come from the report, not from the vote.
What do the votes mean here?
Yes The committee proposal: rejecting the motions (keeping things as they are).
No Backing the counter-proposal: reservation 1 by S, V, MP.
Abstain The party marks a position of its own that is not one of the two final alternatives.
What each plan points to — and how the party voted
For each party: the vote its own election manifesto and party programme point to in this case, next to how the party actually voted. A plan can only point to Yes or No; a party can also abstain.
| Plan | Vote | Confidence | Evidence | ||
|---|---|---|---|---|---|
| V | No | No 0/18/0/4 | follows the plan | confidence: medium | derived |
| S | No | No 0/93/0/13 | follows the plan | confidence: medium | derived |
| MP | No | No 0/16/0/2 | follows the plan | confidence: medium | derived |
| C | Yes | Yes 21/0/0/3 | follows the plan | confidence: low | derived |
| L | No | Yes 13/0/0/3 | departs from the plan | confidence: low | derived |
| KD | No | Yes 17/0/0/2 | departs from the plan | confidence: low | derived |
| M | No | Yes 60/0/0/8 | departs from the plan | confidence: low | not addressed |
| SD | No | Yes 62/0/0/9 | departs from the plan | confidence: low | derived |
Committee proposal
The Riksdag rejects motion 2025/26:3875 by Mikael Damberg et al. (S).
Original (Swedish)
Riksdagen avslår motion 2025/26:3875 av Mikael Damberg m.fl. (S).
Riksdag decision: The Riksdag said yes to the Government's proposal to facilitate companies' listing of their securities. In order to make the EU capital markets a more competitive alternative when companies choose a trading venue for listing securities, there have been changes to the EU Directive on Markets in Financial Instruments, the EU Market Abuse Regulation, and the EU Prospectus Regulation. The Government's proposals are necessary because of these changes. The legislative changes come into force on June 5 and 6, 2026, respectively. One of the legislative changes comes into force on a day determined by the Government.
Counter-proposals
- The counter-proposal wants the government to return with an evaluation of the effects of the new prospectus duty threshold before implementation. (S, V, MP) — Reservation 1
Plan vs actual vote
Every party, in chamber order: what its own plan pointed to, how it voted, and the reasoning behind both. Highlighted rows are where the two differ — but a vote that follows the plan is a result too, so the reasoning is there for every party.
The plan requires stricter regulation of the financial sector's socially impacting activities and that the state acts strategically so that capital does not hold unreasonable positions of power.
Plan documents: party programme
Reasoning and quotes
The plan requires stricter regulation of the financial sector's socially impacting activities and that the state acts strategically so that capital does not hold unreasonable positions of power. Evaluating the consequences of a raised threshold for prospectus requirements, when consultation bodies warn of consumer and investor protection and crime prevention issues, aligns with this and with the plan's demand for greater societal oversight of companies.
Original (Swedish)
Planen kräver hårdare reglering av finanssektorns samhällspåverkande verksamhet och att staten agerar strategiskt så att kapitalet inte sitter på orimliga maktpositioner. Att utvärdera konsekvenserna av ett höjt tröskelvärde för prospektskyldighet, när remissinstanser varnar för konsument- och investerarskydd samt brottsförebyggande, ligger i linje med det och med planens krav på större samhällelig insyn i företag.
- stricter regulation of the financial sectordecisive»demokratiseras. Tills dess behövs en hårdare reglering av bankernas« (party programme ↗)“is democratized. Until then, stricter regulation of banks is needed”
- the state against capital's power positions»Staten behöver agera strategiskt för att kapitalet inte ska sitta på« (party programme ↗)“The state needs to act strategically so capital does not sit on”
- regulation based on common needs»Regleringen av lånevillkor behöver utgå från« (party programme ↗)“Regulation of lending terms needs to be based on”
- greater oversight of companies»Vi vill gå mot en större samhällelig insyn« (party programme ↗)“We want to move toward greater societal oversight”
The party programme demands combating fraud and all other economic crime and wants to sharpen consumer protection, which are precisely the risks the respondent organisations warn about when the threshold is raised.
Plan documents: party programme
Reasoning and quotes
The party programme demands combating fraud and all other economic crime and wants to sharpen consumer protection, which are precisely the risks the respondent organisations warn about when the threshold is raised. An evaluation of the effects is a limited but direct response to that commitment. The plan simultaneously values a good business climate, but that does not speak against the effects being followed up.
Original (Swedish)
Partiprogrammet kräver bekämpande av bedrägerier och all annan ekonomisk brottslighet och vill skärpa skyddet för konsumenter, vilket är just de risker remissinstanserna varnar för när tröskelvärdet höjs. En utvärdering av effekterna är ett begränsat men direkt svar på det åtagandet. Planen värnar samtidigt ett gott företagsklimat, men det talar inte emot att effekterna följs upp.
- against economic crimedecisive»Bekämpande av bedrägerier och all annan ekonomisk brottslighet.« (party programme ↗)“Combating fraud and all other economic crime.”
- strengthened consumer protection»plattform för att på europeisk nivå skärpa skyddet av miljö, konsumenter och löntagare.« (party programme ↗)“platform to at European level sharpen protection of environment, consumers and employees.”
- good business climate»Innovationskraft, gott företagsklimat och stark konkurrenskraft för ökad tillväxt.« (party programme ↗)“Innovation capacity, good business climate and strong competitiveness for increased growth.”
The plan states that the state shall ensure regulations and institutions that make markets function well and that the financial sector shall contribute to security instead of instability.
Plan documents: party programme
Reasoning and quotes
The plan states that the state shall ensure regulations and institutions that make markets function well and that the financial sector shall contribute to security instead of instability. An evaluation of the raised threshold's effects on consumer and investor protection is a direct expression of that responsibility, especially as the plan wants to strengthen work against money laundering and economic crime. The plan, however, also wants it to be easy to start and grow as a business, which argues for evaluation rather than dismantling the reform.
Original (Swedish)
Planen slår fast att staten ska säkerställa regelverk och institutioner som får marknaderna att fungera väl och att finanssektorn ska bidra till trygghet i stället för instabilitet. En utvärdering av det höjda tröskelvärdets effekter på konsument- och investerarskydd är ett direkt uttryck för det ansvaret, särskilt som planen vill stärka arbetet mot penningtvätt och ekonomisk brottslighet. Planen vill samtidigt att det ska vara enkelt att starta och växa som företag, vilket talar för utvärdering snarare än för att riva upp reformen.
- the state secures functioning marketsdecisive»Staten ska säkerställa att det finns regelverk och institutioner som ser till att marknader« (party programme ↗)“The state shall ensure that there are regulations and institutions that ensure markets”
- stable financial system»Det finansiella systemet ska vara en drivkraft för samhällsutveckling – inte en källa till« (party programme ↗)“The financial system shall be a driving force for social development – not a source of”
- counter economic crime»informationsdelningen mellan myndigheter för att stoppa penningtvätt, välfärdsbrott och« (party programme ↗)“information-sharing between agencies to stop money laundering, welfare crime and”
- easy to run a business»vara enkelt att starta företag, växa och anställa sina första medarbetare.« (party programme ↗)“be easy to start a business, grow and hire your first employees.”
The plan's core commitment in this area is to reduce bureaucracy and strengthen capital supply for small and medium-sized businesses, which is exactly what the raised threshold does.
Plan documents: 2022 manifesto · party programme
Reasoning and quotes
The plan's core commitment in this area is to reduce bureaucracy and strengthen capital supply for small and medium-sized businesses, which is exactly what the raised threshold does. The counter-proposal's requirement for evaluation rests on objections to the reform, and the plan provides no support for reconsidering a regulatory simplification that benefits smaller businesses' capital procurement. Since the plan does not address prospectus rules directly, the conclusion is derived and uncertain.
Original (Swedish)
Planens bärande åtagande på området är att minska byråkratin och stärka kapitalförsörjningen för små och medelstora företag, vilket är just vad det höjda tröskelvärdet gör. Motförslagets krav på utvärdering vilar på invändningar mot reformen, och planen ger inget stöd åt att ompröva en regelförenkling som gynnar mindre företags kapitalanskaffning. Eftersom planen inte behandlar prospektregler direkt är slutsatsen härledd och osäker.
- strengthened capital supplydecisive»Kapitalförsörjning är avgörande för många småföretag. Vi vill att det statliga riskkapitalet blir mer effektivt och att investeraravdraget breddas och fördjupas.« (2022 manifesto ↗)“Capital supply is crucial for many small businesses. We want state risk capital to become more efficient and we want to broaden and deepen the investment deduction.”
- reduced regulatory burden»Rensa upp i regelträsket för entreprenörer, stora som små. Vi vill införa en ny och förenklad företagsform för mikroföretag, så att fler ska våga testa att driva företag.« (2022 manifesto ↗)“Clear away the regulatory maze for entrepreneurs, large and small. We want to introduce a new and simplified business form for microenterprises, so that more people will dare to try starting a business.”
- bureaucracy affects small businesses»Små och nystartade företag har svårare att få tillgång till kapital och att bära omfattande byråkrati« (party programme ↗)“Small and newly started businesses have difficulty accessing capital and bearing extensive bureaucracy”
The plan states that the market must be regulated through political decisions and that the consumer needs knowledge and correct information to make well-informed decisions.
Plan documents: party programme
Reasoning and quotes
The plan states that the market must be regulated through political decisions and that the consumer needs knowledge and correct information to make well-informed decisions. An evaluation of what the raised threshold value means for investor and consumer protection responds to this. At the same time, the plan embraces the reform itself through the demand for reduced regulatory burden, so support applies to follow-up and not a reversal.
Original (Swedish)
Planen slår fast att marknaden måste regleras genom politiska beslut och att konsumenten behöver kunskap och korrekt information för att fatta välinformerade beslut. En utvärdering av vad det höjda tröskelvärdet betyder för investerar- och konsumentskyddet svarar mot detta. Samtidigt bejakar planen själva reformen genom kravet på minskad regelbörda, så stödet gäller uppföljningen och inte ett återtagande.
- informed investorsdecisive»I en fungerande marknadsekonomi har konsumenten kunskap och makt att fatta välinformerade beslut.« (party programme ↗)“In a functioning market economy, the consumer has knowledge and power to make well-informed decisions.”
- the market needs rules»Marknaden fungerar bäst i samhällen som präglas av tillit, hederlighet och ansvarstagande, men också i sådana samhällen måste marknaden regleras genom politiska beslut.« (party programme ↗)“The market functions best in societies characterized by trust, honesty and responsibility, but also in such societies the market must be regulated through political decisions.”
- right to correct information»Därför behövs en stark konkurrenslagstiftning och konsumentlagar som ger rätt till korrekt produktinformation.« (party programme ↗)“Therefore, strong competition legislation and consumer laws are needed that give the right to correct product information.”
- reduced regulatory burden»Regelbördan för små företag ska minska, genom ansträngningar på både kommunal, statlig och europeisk nivå, och offentliga beslut analyseras ur småföretagarperspektiv.« (party programme ↗)“Regulatory burden for small businesses shall be reduced through efforts at municipal, national and European levels, and public decisions shall be analyzed from a small business perspective.”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The plan states that evaluation, cost tracking and quality control are important political tasks and that a functioning market economy requires active and well-informed consumers and stable institutions, since confidence is otherwise threatened.
Plan documents: party programme
Reasoning and quotes
The plan states that evaluation, cost tracking and quality control are important political tasks and that a functioning market economy requires active and well-informed consumers and stable institutions, since confidence is otherwise threatened. The counter-proposal requires only that the effects of the raised threshold be evaluated and reported to the Riksdag, which aligns with these commitments. The plan's requirement for regulatory relief for smaller businesses simultaneously speaks for the increase itself, but not against an evaluation.
Original (Swedish)
Planen anger att utvärdering, kostnadsuppföljning och kvalitetskontroll är viktiga politiska uppgifter och att en fungerande marknadsekonomi kräver aktiva och välinformerade konsumenter samt stabila institutioner, eftersom tilltron annars hotas. Motförslaget kräver enbart att effekterna av det höjda tröskelvärdet utvärderas och redovisas för riksdagen, vilket ligger i linje med dessa åtaganden. Planens krav på regellättnader för mindre företag talar samtidigt för själva höjningen, men inte mot en utvärdering.
- monitoring and evaluationdecisive»kostnadsuppföljning och kvalitetskontroll är därför viktiga politiska uppgifter.« (party programme ↗)“cost tracking and quality control are therefore important political tasks.”
- informed consumers»En fungerande marknadsekonomi kräver aktiva och välinformerade konsumenter« (party programme ↗)“A functioning market economy requires active and well-informed consumers”
- stable institutions and confidence»En väl fungerande marknadsekonomi förutsätter en effektiv konkurrens, stabila institutioner« (party programme ↗)“A well-functioning market economy presupposes effective competition, stable institutions”
- citizens' interest first»uppgift är i första hand att ta tillvara medborgarnas intresse.« (party programme ↗)“task is first and foremost to safeguard citizens' interest.”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The plan states that a reform-focused party must have constant readiness to evaluate, reconsider and improve what has been carried out, and that reforms shall rest on research and proven experience.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The plan states that a reform-focused party must have constant readiness to evaluate, reconsider and improve what has been carried out, and that reforms shall rest on research and proven experience. An evaluation of what the raised threshold actually has for effects is just such a follow-up and does not affect the rule simplification itself, which the plan otherwise pursues. The plan does not, however, address the prospecting rules.
Original (Swedish)
Planen slår fast att ett reforminriktat parti ska ha ständig beredskap att utvärdera, ompröva och förbättra det som genomförts, och att reformer ska luta sig mot forskning och beprövad erfarenhet. En utvärdering av vad det höjda tröskelvärdet faktiskt får för effekter är just en sådan uppföljning och rör inte själva regelförenklingen, som planen i övrigt eftersträvar. Planen tar dock inte upp prospektreglerna.
- evaluate implemented reformsdecisive»beredskap för att utvärdera, ompröva, förändra och förbättra« (party programme ↗)“readiness to evaluate, reconsider, change and improve”
- reduced regulatory burden for companies»Ta bort en tredjedel av företagens administrationskostnader och en tredjedel av regelkrånglet« (2022 manifesto ↗)“Remove one-third of companies' administrative costs and one-third of red tape”
flags: citat_blockerat
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The plan requires that clear results be demanded for every public investment and that new regulations be cost-effective while existing regulations are reviewed.
Plan documents: 2022 manifesto
Reasoning and quotes
The plan requires that clear results be demanded for every public investment and that new regulations be cost-effective while existing regulations are reviewed. It also wants to counteract systems that invite fraud and corruption. An evaluation of the new threshold value's effects reported to the Riksdag is precisely such follow-up, although the plan simultaneously wants to reduce the administrative burden on smaller enterprises.
Original (Swedish)
Planen kräver att tydliga resultat begärs för varje offentlig satsning och att nya regler ska vara kostnadseffektiva medan befintliga regler ses över. Den vill också motverka system som lockar till fusk och korruption. En utvärdering av det nya tröskelvärdets effekter som redovisas för riksdagen är just en sådan uppföljning, även om planen samtidigt vill avlasta mindre företags administrativa börda.
- evaluate political decisionsdecisive»Begära tydliga resultat för varje offentlig satsning« (2022 manifesto ↗)“Demand clear results for every public investment”
- regulations must be followed up»Nya regler ska vara kostnadseffektiva och befintliga regler behöver ses över.« (2022 manifesto ↗)“New regulations shall be cost-effective and existing regulations need to be reviewed.”
- counteract fraud-promoting systems»Både fusk och sådana system som tenderar att locka till fusk och korruption ska motverkas.« (2022 manifesto ↗)“Both fraud and such systems that tend to invite fraud and corruption shall be counteracted.”
- regulatory simplification for small enterprises»Verka för regelförenkling och avlasta småföretagens administrativa börda« (2022 manifesto ↗)“Advocate for regulatory simplification and reduce the administrative burden on small enterprises”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
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Sources and documents
- The committee report on riksdagen.se (2025/26:FiU29)
- Committee report full text (HD01FiU29)
- Per-MP voting data (API)
- Case status (API)
Documents under consideration
- Motion 2025/26:3875 — med anledning av prop. 2025/26:86 Nya regler för att underlätta noteringar av värdepapper av Mikael Damberg m.fl. (S)
- Proposition 2025/26:86 — Nya regler för att underlätta noteringar av värdepapper
Source: The Swedish Parliament